Market Open: ASX tipped to slide again despite Wall Street bounce back

At The Bell – The Australian share futures are pointing to another soft opening, with S&P/ASX 200 futures down 24 points or 0.3 per cent to 9128.

Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.

Overnight, Wall Street bounced back after two days in the red with the S&P 500 and Nasdaq buoyed by a milder than expected US July consumer price index (CPI) inflation number with consumer prices rising 0.1% for the month.

Analysts are hopeful that this releases pressure on the US Federal Reserve to lift interest rates.

Tech stocks were popular with cloud-computing company CoreWeave jumping 19.28% after reporting a doubling of revenue in its quarterly report.

Outside of the markets, the International Energy Agency (IEA) has reported the global oil market is facing a 1.8 million barrel a day shortfall with Middle East production remaining well below pre-war levels.

The IEA estimated global oil supply will fall by 4.3 million barrels per day, or around four per cent, this year.

However, the latest IEA Monthly Oil Statistics report including May 2026 data showed that for Total OECD production of crude oil, NGL and refinery feedstocks increased by 2.8% compared to the same month last year.

Refinery gross output of total products increased (0.8%) on a year-on-year basis.

Net deliveries of total products decreased in May 2026 compared to May 2025 (-3.7% y-o-y)

Oil stock levels on national territory decreased by 9189 kt in May 2026 compared to the closing stock.

Production of natural gas increased by 1.4% compared to May 2025.

Imports of natural gas were 7.9% lower on a year-on-year basis and total OECD exports decreased by 0.8% in the same period.

Gross consumption of natural gas increased by 1.2% in May 2026 on a year-on-year basis.  

Buck and ore

Now – in forex, the Oz dollar is buying US$0.706

Looking at commodities, all in the greenback

Iron Ore is up 1.26% to $95.09 per tonne

Brent Crude fell 0.73% to $82.590 USD/Bbl

Gold is selling at $4408.60 per ounce

US natgas futures were up 0.86% to $2.7909 per USD/MMBtu

On the ASX reporting front:

Big four banker ANZ has announced an unaudited statutory profit for the quarter ended 30 June 2026 of $1.95 billion and a cash profit of $1.90 billion.

CEO, Nuno Matos, said the bank remains on track to meet its return on tangible equity and cost-to income targets.

“In the quarter, we continued to improve productivity, margins and business volumes, including accelerating growth in business banking and returning home lending to system growth.

“We continue to watch the external environment closely across our network. Our balance sheet and capital position remain strong, and we are staying close to our customers should they need support.”

On the telecommunications front, Telstra is forecasting it will continue to see underlying EBITDA growth in FY27 with a guidance range of between $8.5 and $8.8 billion.

The company reported a strong FY26, delivering improved growth on the back of increased investment in its network.

Reported financial performance compared to the prior period including EBITDA was up three per cent to $8.2 billion, net profit after tax was up 2.7 per cent to $2.4 billion and earnings per share rose 5.3 per cent to 19.9 cents.

Engineering firm Monadelphous Group has continued to build on its order book landing more than $110 million in new contracts.

In Papua New Guinea, the company has been awarded a contract by Santos associated with the APT tie-in project in the Southern Highlands oil and has fields, while the company’s civil business Melchor has landed a contract with Pilbara Ports associated with the Utah project.

Elsewhere, Monadelphous has secured a 12-month contract for the provision of services at Glencore’s Murrin Murrin operations in WA.

That’s HotCopper’s Market Open, I’m Colin Sandell-Hay – happy trading.

Join the discussion. See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.